Five ways prospective home buyers can benefit from an open house visit

John McConnin, Esq

Published on December 10, 2015

Five ways prospective home buyers can benefit from an open house visit

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For home buyers, an open house visit is probably the best opportunity to review the property for sale before embarking on journey of purchasing your home. Don’t commit to a home without attending an open house, this is your chance to evaluate some very important factors prior to signing any paper work. As a home buyer, you should take advantage of as many open house visits as possible. This allows you to ensure that the property you choose meets all of your needs. Below are some of the ways you can best take advantage of on open house visits to get the best deal in the market.

Learn the market first before making commitments

One of the most common mistakes that home buyers often make at an open house is entering into deal on their first visit. Before you start making commitments with agents, always ensure that you are well informed about the pricing of the property and its market value. Also, ensure that you have reviewed other homes for sale to ensure that you make the best possible choice. Making as many open house visits as you can will help you get a feel for the market and compare actual home values with their listed prices. You can extend your search online as well to ensure that you gather as much information as possible.

Learn from the behavior other buyers

You can learn if a home is the best deal by observing and talking to other interested buyers. If everyone seems to lose interest on an open house visit, then there is a likelihood that something is wrong with the property. On the other hand, if everyone seems interested in what the agent have to say, then there is a possibility that the property is worth reviewing carefully. Observing the behavior of other buyers will give you insight on the level of competition on the property which allows you to make calculated moves.

Gather as much information from the agent as possible

Use the open house visit as an opportunity to ask as many questions concerning the house as possible. Even when you are not interested in the property in question, there is always something you can learn that will help you at another open house. Typically a house is on the market because the owner is moving but there will always e cases where you might find something wrong with the house. Thats the type of information you should attempt to discover now as opposed to a home inspection down the line. A genuine agent should be open to answering all issues relating to the sale.

Identify talented agents and create a relationship with them

If you are going to be entering into the home selling process in the near future, use the open house visit to identify talented agents. Discussing the home your inspecting with them will help provide with some insight into their experience and understanding of the housing market. If you happen to like them, ask open-ended questions such as, their general view on the market and their general success as an agent. This is essentially an informal setting to interview the potential agent you might work with in the near future. So by all means introduce yourself to them and express your interest in working with them.

Even if you’re not ready to buy a home just yet, open house visits will open up your prospective options on the current housing market. This can only help you plan for your future purchase as efficiently as possible. Even when the agents primary interest is to sell the house for the owner, you can still benefit from their insight without having to commit yourself. Make as many open house visits as possible before you start making commitments. Feel free to ask all the questions you might have as well, this is a no pressure opportunity to learn as much as you can before moving forward.